Loading...
  • English
  • Russian
  • Chinese
  • German
  • Polish
  • Serbian
  • Ukrainian
Best Cyprus Properties
HOME  /  PERMANENT RESIDENCY  /  PERMANENT RESIDENCY

QUICK PERMANENT RESIDENCY

CYPRUS PERMANENT RESIDENCE PERMIT WITHOUT RIGHT TO WORK

(For people who want to work, there is a different procedure for which we can assist also).

REMEMBER THAT WE WILL BE WITH YOU DURING THE WHOLE PROCESS OF BUYING PROPERTY, SEEING THE LAWYERS, THE BANK, ETC.

THIS PERMIT:
1. Concerns NON EU citizens
2. It is granted to the applicant and his spouse till the rest of their lives
3. It is granted to their minor children till the age of 18 years old. Dependent adult children (students) should make their own application and they receive permit till the age of 25 years old. Non dependent children should make their own application and if they and their parents satisfy all criteria, they receive permit till the rest of their lives.
4. Holders of this Permit are not entitled to work in Cyprus
5. Holders of this Permit may own Cyprus Company and receive dividends from its profit
6. Reasons for revocation of the Permanent Residence Permit:
• When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality)
• When he did not visit Cyprus for a period longer than 2 years continuously   

WAYS TO OBTAIN IT:
1. Fast Track Procedure (Regulation 6(2)): within 2 months
2. Category F (Regulation 5(f)): within 5- 12 months
 
FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT
REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

REQUIREMENTS:
1. PROPERTY:
1. Must be purchased in Cyprus
2. Purchasers could be:
• just an applicant or 
• just his spouse or 
• the applicant and his spouse or
• a Cyprus Company as below described 
3. Vendor must be the Developer who built the property
4. Must be new (not resale)
5. The Purchase Price must be at least 300,000 Euro (not including VAT)
6. At least 200,000 Euro (not including VAT) should be paid to the Vendor
7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
8. Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:
1. House (or apartment) + house (or apartment)
2. House (or apartment) + shop up to 100 m2
3. House (or apartment) + office up to 250 m2

Conditions:
1. Total purchase price is more than 300,000 euro (without VAT)
2. Property must be new, resale is not accepted from 7/5/2013
3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:
All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

WHEN THE PURCHASER IS A COMPANY:
The property could be purchased in the name of the Company.

Conditions:
1. Company must be registered in Cyprus
2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company
3. They must be only shareholders of this Company

Notes:
• Trust deed is not accepted
• If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

2. BANK DEPOSIT:
It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

3.  INCOME OF THE APPLICANT AND HIS SPOUSE:
1. Income must be created abroad, not in Cyprus
2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member
3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS
The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.
Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

5.  CLEAN CRIMINAL RECORD 
The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.

6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS 
All documents must be translated into English or Greek language by certified translator.
All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalisation for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION 
It should be approved within 2 months and PR should be granted provided that:
1. All requirements are satisfied
2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order

ADULT CHILDREN:
DEPENDENT ADULT CHILDREN AGE 18- 25:
Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.

Conditions:
1. Age 18-25
2. To be dependent on the parents
3. To provide proof of their studies
4. Parents must prove additional 5,000 euro of income for each dependent adult child
5. Adult child provides all documents required in his case

INDEPENDENT ADULT CHILDREN:
1. Age 18 and more
2. To be independent on their parents
3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child
4. It must be proved payment of 66% of the total purchase price of the property of their parents
5. All other requirements (bank deposit, etc) must be completed

Immigration Permit Required Documents / Certificates under Reg. 6(2)
1. Copy of valid passport. 
2. Copy of valid temporary residence permit (if the applicant resides in Cyprus).
3. Curriculum Vitae (including academic qualifications). 
4. Statements of deposits in a Cypriot Bank account, of a minimumcapital of €30.000 (original).
5. Declaration of a secured annual income of a capital of €30.000 at least, from sources other than employment in Cyprus (original documents and affidavit). The necessary annual income is increased by €5.000 for each dependent person.
6. Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (not including VAT) (original or true copy).  If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000 (not including VAT).
7. Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus.
8. Health Insurance Policy.
9. Criminal Record Certificate (if the applicant resides abroad, the certificate must be issued from his country of origin, and submitted with an official and certified translation into Greek).
10. Marriage Certificate (official and certified translation) (if applicable).
11. Children’s Birth Certificates (official and certified translation) (if applicable).
12. Other documents which are submitted with the application.
Application M. 67 with photos of the applicant, spouse, minor children

Additional (non obligatory) documents:
Diplomas of higher education of the applicant and his spouse

Immigration Permit Required Documents / Certificates under Reg. 6(2)

(DEPENDANT STUDENTS 18-25 YEARS OLD)
1. Copy of valid passport of the applicant. 
2. Copy of valid temporary residence permit (if the applicant resides in Cyprus). 
3. Curriculum Vitae (including academic qualifications).  
4. Copy of the immigration permit of the parent under Reg. 6 (2) or proof of submission of the relevant application of the parent for immigration permit under Reg. 6 (2)
5. Declaration of a secured annual income of the parent from abroad of at least €30.000, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each person dependent to the parent.
6. Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus.
7. Health Insurance Policy for the applicant
8. Original Criminal Record Certificate duly certified for the applicant (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation
9. Birth Certificate of the applicant dully certified (official and certified translation).
10. Letter from the school/university that the applicant is a registered student.
11. Other documents which are submitted with the application.

Please Contact Us for more information

 

Posted on March 26, 2021

Cyprus has always been considered as an ideal destination for Permanent Residence by Non-EU Nationals. The Cypriot Government, in an attempt to further attract foreign investment to the island and to help economic recovery and further economic growth, recently announced certain amendments to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, which became effective on 24th March 2021.

An Immigration Permit under Regulation 6(2) gives Non-EU nationals the right to permanently reside in Cyprus. The recent revision of regulation 6(2) is in line with the Cyprus Government's objective to stimulate and increase foreign investment in areas other than merely real estate.

The most significant amendments are as follows:

Additional Investment Criteria Added

Though the required amount of the investment remains the same, the investment criteria have been expanded and are no longer solely related to investment in real estate. Other categories have been included.

In order to qualify, the Applicant must make an investment of at least €300,000 in one of the following categories of investments from funds that emanate from abroad:

(A) Investment in a house/apartment:

Purchase of a house or apartment by a Land Development company, which should relate to a first sale of at least €300,000 (plus VAT).

(B) Investment in real estate (excluding houses/apartments):

Purchase of other types of real estate, such as offices, shops, hotels or similar developments, or a combination thereof with a total value of €300,000. Resales are acceptable.

(C) Investment in the share capital of a Cyprus Company with activities and staff in Cyprus:

An investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.

(D) Investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF): 

An investment worth €300,000 in units of a Cyprus Collective Investment Organization.

No obligation for a Fixed Deposit

Another significant amendment is that the Applicant is no longer obliged to deposit €30.000 in a fixed deposit account, locked for three years This requirement has now been removed.

Requirement of a Secure Annual Income

It continues to be the case that, in addition to making the investment, the Applicant should be able to demonstrate that he has at his disposal a secure annual income of at least €30,000. Such annual income is increased by €5,000 for each dependent family member and €8,000 for each dependent parent of the Applicant or his/her spouse.

In the event that the Applicant makes an investment under criterion A above, to purchase a house or apartment, it is essential now, as it was previously, that the Applicant can prove that his income derives from abroad.

However, when it comes to investing in criteria B, C, or D above, it is notable that the new amendments provide that the Applicant’s source of income may be derived from sources from activities within the Republic.

Declaration of ‘No intention to work in the Republic’

It has been a requirement of the Programme that when applying under Regulation category 6(2), the Applicant and his/her spouse had to certify that they did not intend to work in the Republic.

This continues to be the case under the amended regulations, with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy, which is now permitted, provided they do not receive a salary.

Furthermore, it is clarified in the new amendments that where the investment does not relate to the share capital of a Company, the Applicant and/or the Applicant’s spouse may be a shareholder in companies registered in Cyprus and the income from dividends in such companies shall not be considered as an impediment for the purpose of obtaining Permanent Residency.

Requirement of Proof of Residence under criteria B, C, or D

Another notable point is that the amended regulations provide that where the Applicant chooses to invest under criteria B, C, or D above, the Applicant should present information in relation to his place of residence in the Republic which can be a title deed, sales agreement or rental agreement.

Provisions relating to Investment in Real Estate

When investing under criteria A and B above (Real Estate), it continues to be the case that at least €200.000 plus VAT needs to be paid prior to submitting the application and that evidence should be provided that the funds for the investment must have emanated from abroad and are not a product of internal borrowing, and these funds need to be deposited in a financial institution in Cyprus in the Vendor’s bank account.

It should be noted that the purchase of real estate can be made by a legal entity in which the Applicant and/or his spouse are the sole shareholders or UBOs, and which entity is legally established in the Republic of Cyprus or in another Member State of the European Union or the European Economic Area.

For the purposes of applying under Criterion A in relation to the purchase of a house/ apartment (dwelling), it is specified that:

(a)   The Applicant may purchase up to two (2) units of residential property, (apartments or houses), provided that the total market value meets the minimum requirement of €300,000 plus VAT.

(b)   This purchase must relate to dwellings sold by a land development company for the first time, (not resales), unless the purchase of the dwellings took place before 07/05/2013.

Contract of Sales contracts relating to resale of dwellings which were deposited in the Land Registry before 07/05/2013 will be accepted for the purposes of implementing this policy.

It is emphasized that the properties do not have to be purchased by the same Land Development company.

Dependents of the Main Applicant

The Immigration Permit is issued to the Applicant and it can include his/her spouse and dependent children up to the age of 18.

As before, an Immigration Permit can be granted to unmarried children of the Applicant between the ages of 18 and 25, only when it is proven that, at the date of the application, they are attending higher educational institutions abroad and provided they are financially dependent on the Applicant. Such dependent children shall submit their own separate applications for an Immigration Permit upon payment of the appropriate fee.

It is noted, however, that, if the children of the Applicant between the ages of 18-25 are enrolled as students in Higher Institutions of the Republic of Cyprus, they will have to apply for a Temporary Residence Permit in the Republic in their capacity as students under the relevant legislation (EU Directive). Following the completion of their studies, they will be entitled to apply for a Permanent Residence Permit, irrespective of their age with the only prerequisite that the main Applicant provides evidence of an additional annual income of €5000 per annum. The Permit will continue to apply after the age of 25, even if the children marry by then, and they are no longer students or financially dependent on the Applicant. It is understood that their spouse and their minor children may not be included as dependent persons in such a Permit.

It continues to be the case that the parents and parents-in-law of the main Applicant can apply on the basis of the main Applicant’s investment, with the prerequisite that the Applicant will present an additional annual income of €8,000 for each dependent parent or parent-in-law.

Higher Value Investment to include Adult Children

An important addition in the Regulations is that it is now possible for the main Applicant to make an investment of a higher value in order for his adult children to obtain an Immigration Permit (Permanent Residence) even though they are not financially dependent on the main Applicant.

The market value of the investment of €300,000 needs to be multiplied according to the number of adult children, which will rely on such investment for the purpose of obtaining an Immigration Permit.

In the event that the investment relates to Real Estate, as described in criteria A or B, a receipt of payment of at least 66% of the market value of the properties should be submitted together with the application.

It must be noted that, in such cases, each adult child must be able to prove a secure annual income of at least €30,000, which will be increased by €5,000 for each dependent person.

Such investment can be made jointly in the name of the Applicant and the adult child or exclusively in the name of the Applicant.

Clean Criminal Record

Needless to say, it remains a fundamental requirement that the Applicant provides a clean criminal record from his country of origin and residence, and generally does not pose any threat to public policy or public security.

Application Procedure and Examination

The application will be processed by the Civil Registry and Migration Department and shall be forwarded for examination and decision to the Minister of Interior, provided that all the criteria and requirements are met. It is estimated that the examination period will be two months from the date of submission of the application.

Permanent Residency in Cyprus as a Plan B

The amendments introduced to the Cyprus Residency Programme are more than welcome. Especially now that the previous Cyprus Investment Programme has been suspended, we are optimistic that the Cyprus Residency Programme, as amended, will continue to attract those investors who are searching for a Plan B to safeguard their families, in addition to merely protecting their wealth. The unique combination of benefits that Cyprus has to offer, including the high quality of life, low cost of living, excellent education, a high standard of healthcare, tax advantages, a strategic business location, as well as the international business environment, are all important reasons for those looking to obtain Permanent Residency in Cyprus. As it has become necessary during the lockdown to spend an extended amount of time in one place, investors are now looking for a country where they are happy to stay for a lengthy period of time. Thus, countries such as Cyprus, with its good infrastructure, healthcare and education and that are welcoming to international residents, are in the forefront of their consideration and we hope that these amendments will make the Programme even more attractive to investors.

The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided

 

Posted on March 26, 2021 by Esme Palas